‘Drill, Baby, Drill’: What Donald Trump and Kamala Harris will mean for The Short-Term Future of Oil

The upcoming election presents two paths for the future of U.S. oil. If Donald Trump wins, oil investors can expect a boost, as his “Drill, Baby, Drill” approach favors increased drilling and aligns with oil CEOs’ interests. Trump’s policies are set to support the oil industry, especially in states like Texas and Oklahoma. On the other hand, if Vice President Kamala Harris wins, oil investors won’t face a drastic change. Biden’s administration has shown support for oil, despite its clean energy push, allowing drilling on public lands and positioning the U.S. as the world’s largest oil producer. While clean energy investments are growing, oil remains crucial for the foreseeable future. Market forces may eventually favor clean energy, but until then, major oil companies will likely transform into multi-energy corporations. In the short term, oil investors are safe regardless of the election outcome, but Trump’s policies may bring more immediate benefits.